Singapore View | 22nd Edition

SINGAPORE VIEW 2020 | 22

nd

EDITION

A TRIBUTE TO OUR FOUNDING FATHERS

FOUNDERS’ MEMORIAL

ARCHITECTURAL COMPETITION PAGE 16

Featured Stories New “Normal” is a Myth The Future of Real Estate Won’t Be the Same PAGE 03

City Wellness in an Island Metropolis PAGE 12

The Era of “New Retail” PAGE 19

22nd Edition

Editorial & Marketing Hector Tan Chrystal Lee Phyllis Goh Constance Chong

Design & Illustration Selvi Widjaja

Research

Content Insights

Features

03

15

Honouring Our Founding Fathers, Inspiring the Future

New “Normal” is a Myth The future of real estate won’t be the same 07

The Real Estate Company as a Technology Enterprise 12

23

A History of Nostalgia, Culture & Changing with the Times 39

Leonard Tay

City Wellness in an Island Metropolis

Black, White & Beautiful

Contributors

17

Property

Iconic Colonial Houses by the Singapore Land Authority

Calvin Yeo Ethan Hsu Nicholas Keong

Reducing Workplace Capacity Post-Pandemic?

Coordinators

The Era of “New Retail”

Cleo Tan Elaine Wong Emily Kee Ester Ling Garry Widjaja Melissa Lee Ong Huiqi Peter Tan Sally Chin Simon Lee Yan Wei

24-29

19

Commercial Retail Leasing

30

Steady Demand for New Private Homes in the East Region

32-37

Luxury New Homes

43-47

42

International Properties

Overseas Properties: Where are People Investing?

49-54

Commercial Offices, Buildings and Retail Shophouses SINGAPORE VIEW 2020 | 22

nd

56-62

EDITION

NEW “NORMAL” IS A MYTH THE FUTURE OF REAL ESTATE WON’T BE THE SAME PAGE 03

SINGAPORE VIEW 2020 | 22

nd

EDITION

NEW “NORMAL” IS A MYTH THE FUTURE OF REAL ESTATE WON’T BE THE SAME PAGE 03

WINNING DESIGN OF

FOUNDERS’ MEMORIAL ARCHITECTURE COMPETITION PAGE 16

WINNING DESIGN OF

FOUNDERS’ MEMORIAL ARCHITECTURE COMPETITION PAGE 16

65

Contacts

Our Services & Partnerships

1 | Singapore View

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Prime Residential

Good Class Bungalows, Penthouses, Landed Homes, Condominiums

Welcome to the 22nd edition of Singapore View We often hear the saying that Singaporeans’ favourite pastime is viewing properties. While this activity was disrupted in the recent months due to measures to curb the pandemic, lively debates on real estate-related issues remain in the limelight – these include designing future homes for working and learning; building specifications of workers dormitories; technologies and AI for developments; and contractual rights of landlords and tenants, etc. Our everyday lives and real estate are inextricably intertwined.

In this edition, we look at issues that real estate leaders will have to proactively address as the world tries to find the right formula to restart the economy. Digital transformation remains a key concern for business leaders as technology will be an enabler of better enterprise.

Ethan Hsu speaks about a shift in retail dynamics between landlords, tenants and customers. Calvin Yeo, who leads a team of workplace strategists in charting corporate real estate needs, highlights the importance of balancing home-based work arrangement and physical office spaces. For real estate wealth generation, Nicholas Keong shares his views on performing international markets.

We turn the spotlight on Tekka Place, a redevelopment project with a shopping centre and hotel in the nostalgic Rochor area.

The Founders’ Memorial features sustainable garden architecture that reflects Singapore’s evolution as a biophilic city – a befitting tribute to our founding fathers and the late Mr Lee Kuan Yew. Year 2020 commemorates the 80th Anniversary milestone for Knight Frank Singapore. We take this opportunity to give Singapore View a makeover. Moving forward, we want to bring more lively ideas, stories and insights to our readers in addition to featuring a small sample of the many properties that are on offer at Knight Frank. As the oldest and only international real estate consultancy that started business as a local SME, Knight Frank Singapore remains committed to its values since its founding in 1940 – to be a trusted advisor on global real estate solutions.

I hope you will enjoy reading the magazine and browsing through the interesting property picks. Please give us your feedback so that we may continue to improve the contents.

Wendy Tang Group Managing Director Knight Frank Singapore

Singapore View | 2

New “Normal” is a Myth The future of real estate won’t be the same

The lessons from the first half of 2020 were as valuable as they were painful. The combined effects of mitigating health risks, market lockdowns and demand shocks to the economy took its toll on real estate companies across all sectors. Property assets that involved high-levels of human density have been the hardest hit – malls, hospitality, student accommodations and dormitories.

Necessity dictated simplicity as organisations implemented measures to protect their workforce and discarded operational redundancies.

Accelerated change management would best define the situation that business leaders are faced with, even as markets reopen with possible economic headwinds in the next 12 months.

While companies may have attained some level of success in coping with crises, a greater risk exists in thinking, or being satisfied with the current new norms.

Strategic review process is needed to understand how real estate usage might change going forward. A business’ ability to weather tough times depends on how well it responds to immediate challenges —the decline in short-term cash flow and demand for space, as well as the uncertainty surrounding tenants’ ability to pay their bills. These behaviours forced upon the industry will likely alter the way consumers and businesses use and interact with real estate.

One thing is for sure: Real estate companies cannot afford to take a wait-and-see approach while there is still uncertainty in the market post-2020 and beyond.

Building Enterprise Resilience The survival of a business rests primarily on cost optimisation and the management of its people and supply chains.

Many real estate players struggled to adapt when the pandemic started. Traditional supply chains focused on efficiency fell apart in the face of demand shocks to the economy. Companies had to rework business models to manage disruptions, quickly upskill their workforce, and redeploy employees from functions that were rendered obsolete.

Property developers, for example, needed to move the focus of their supply chain beyond just cost efficiencies and take planned steps to add built-in contingencies, by constructing a flexible network of partners in manufacturing and supply.

Doing so involved making use of assembly nodes and the most of Industry 4.0 tools, to improve response times and optimise costs.

Achieving flexibility in supply chains invariably involves a greater sharing of knowledge and data among parties. With 5G technology, cloud-based applications and blockchain, developers and value-creators have the added assurance of sharing and receiving real-time data from partners and suppliers to better cope with supply and demand shocks while re-calibrating production capacities.

But there are costs to building enterprise resilience. The chief question facing real estate leaders is not whether they will invest in resiliency, but where it is needed and where the cost will pay off.

6 Trends Driving the Next Normal

3 | Singapore View

Accelerated Decentralisation

Cybersecurity

The need to manage human density movements and optimise infrastructure capacity could see the fast-tracked decentralisation of Singapore’s central hubs

Growing demand in cloud services for collaboration and user authentication entails the development of more robust virtual private networks supported by data tokenisation

Integration of Verticals

Personal Data Privacy & Protection

A resilient supply chain demands for a diversification of supply sources and cost optimisation, based on integrating functions vertically to create production elasticity

Increased knowledge and data-sharing requires enhanced measures to safeguard individual privacy and sensitive data

Heuristics for Virtual

Contactless Real Estate

Substituting physical experiences with virtual environments calls for enhanced UX/UI across platforms and devices

Adoption of digital platforms to facilitate contactless scenarios will see a growing demand for tools facilitating virtual touchpoints

How Real Estate Sectors Kept Business Going During Market Lockdowns

PROPERTY DEVELOPERS

OPERATORS

BANKERS

Construction

Retail

Banking & Finance

Vertical integration of functions with increased off-site construction and labour automation; increase in sustainable designs that facilitate healthier living. Designers and engineers deployed digital collaboration tools for building information modelling (BIM) and planning simulation.

Adopting e-commerce and online stores, with automation of sales and marketing processes, from product discovery to final purchase. Live streaming or “retail digitainment,” deploying influencers to engage with online buyers.

Increase in phone-based and digital support for online loan applications; more seamless authentication workflows for loan approvals and transactions.

BROKERS

VALUERS

FREIGHT/ STORAGE SERVICES

Consultancy/Agency

Valuation

Logistics

Consultative selling via interactive meeting platforms and virtual live viewing tools.

Enhanced data-sharing among consultants and clients to account for material and market uncertainty. Adjusting contracts to cope with potential market unpreditability in property valuations.

Data-sharing across an interactive network of hubs and service nodes, with real-time updates on global air, ocean and road freight capacities.

Turbocharged automation, digitisation and IoT The real estate industry has been making strides towards digitising processes in creative ways. But the window of preparation for a digital and automated world is shrinking for real estate leaders. Technology enablement will be at the forefront of driving the real estate industry into the new age.

For example, with the rise of online transactions, companies need to operate on the assumption that the contactless economy will become a mainstay in every sector, even in the absence of pandemics and physical distancing measures.

User expectations increase with every digital innovation, and service providers that offer differentiated experiences will stay ahead of the curve.

Businesses that marry a well-thought-out user experience across all its customer touchpoints will enjoy guaranteed results in the form of superior loyalty and the option to create new revenue opportunities via constant engagement with end-users.

In residential real estate, property developers and agency brokers continue to invest heavily into platforms that enable virtual experiences to help property purchasers find the right space for themselves – virtual open houses, augmented reality and personalised selling.

Project sales and marketing personnel are challenged with adopting automated, omnichannel, re-targeted ads to drive lead generation efforts and engage homebuyers.

Additionally, the need for virtual will fast-track the official regulation and adoption of digital signatures in all legal real estate documentation.

Rising Demand for Technology-Enablement

Contactless Transactions

Cyber Security

Digital Biometric Authentication

Automated CRM Systems

Cloud Computing

On-Demand Concierge

Singapore View | 4

For retailers and mall operators affected by physical restrictions during market lockdowns, the creation of differentiated shopping experience gave rise to sales and marketing automation, as well as “retail digitainment” (read page 20).

Asset management and building & facilities management necessitate a suite of digital products – mobile concierge services, virtual communities, contactless access for residents, guests and maintenance staff – to continue serving the needs of residents and tenants, regardless of social distancing measures.

The bigger opportunity, however, may be in B2B applications, especially in the Internet-of-Things (IoT). In supply chain and inventory management, data-sharing improves collaboration among manufacturers and suppliers, and the conduct of regular maintenance. IoT allows companies to implement solutions remotely with reduced manpower and overheads, while granting analytics that provide deeper insights into customers and business capacities.

Revisiting agility

Beyond a mere nod to flatter structures, business processes and mobile teams, true workforce agility enables organisations to meet problems with urgency and make faster decisions with accountability.

However, most companies with agile teams still face the issue of maintaining accountability together with ensuring efficacy through a distributed workforce.

Being agile does not equate to lesser control. A decentralised organisation merely contains a larger number of “decision nodes” in its network, each helmed by the right person operating crossfunctionally with other departments. This practice continues down to the junior executive, where every team and person can make independent and daily decisions to execute tasks.

Companies that include workforce agility as part of their business stratagem will no doubt immunise their business to the teething problems faced by a traditional hierarchy.

Will People Be Accustomed to Telecommuting?

The office is here to stay

Rent structures and operational costs continue to be major considerations for firms. Organisations have to relook at workspaces to accommodate health and safety issues while facilitating efficient collaboration and communication. The physical office can support an interpersonal working culture that can be difficult to achieve virtually.

Results from the EngageRocket People Continuity Survey revealed that majority of employees still perceive their offices as relevant and pivotal to higher levels of productivity (Exhibit 1).

Whilst corporations demonstrated openness to flexible working arrangements, they will continue to weigh productivity gains, team cohesion and individual aspirations within the parameters of telecommuting.

Workplace strategists and occupier consultants have to balance risk management with workplace capacity. The key to

Exhibit 1: Respondents reported improved productivity over time

One of the top concerns among respondents to the EngageRocket People Continuity Survey was the impact of working from home (WFH) on their productivity levels.

While more than half reported that they took the same or a lesser amount of time when WFH to achieve similar productivity levels, 40% believed that they required more time to complete their tasks.

Concerns over having to work longer hours decreased through the months, demonstrating that respondents adjusted well to their new work arrangements.

Additionally, businesses are realising that allowing employees to work remotely may not be as disruptive and detrimental to operations as previously thought. The changed perspective has led firms to discover that telecommuting could result in utilising smaller offices, potentially reducing rental and operational costs. However, not all businesses have the resources to support full WFH arrangements, and work culture plays a part in determining the success of its operational success.

When working from home, it takes as compared to working in office.

to achieve the same productivity

46% 39% 30% 23% 17%

14%

Less Time

More Time April (n=2,970)

May

June

(n=10,121)

(n=5,186)

Source: People Continuity Survey by EngageRocket in collaboration with IHRP and SHRI, 2020

Exhibit 2: Infrastructure & ways of working remain challenges admist personal adaptation When working from home, the main challenge I face is (select up to 3): Access to resources & tools which I could have access to in the office

48% 50%

Practical aspects (such as family presence, distrations, space constraints)

47% 45% 52%

Working longer hours than usual

39% 35%

Communication among team members

40% 21%

Difficulty in work or time playing

16% 11%

I do not face any challenges working from home Poor productivity

19% 11% 7%

Source: People Continuity Survey by EngageRocket in collaboration with IHRP and SHRI, 2020 5 | Singapore View

April (n=2,970)

May (n=10,121)

June (n=5,186)

success in planning for business resilience and space optimisation is to unify talent and culture management with processes and workplace strategy (read page 17 on “Reducing Workplace Capacity Post-Pandemic?”).

Overcommunicate clearly, and frequently With fewer face-to-face interactions, companies are more aware of the need to preserve their identity and culture on top of ensuring the continued trust, respect and loyalty of clients and employees.

The need to communicate better and regularly is a must. In addition to mapping out workflows and expectations, organisations can inform employees of the feedback channels available and inculcate the importance of closed-loop communications to avoid misunderstandings.

Such an approach can entail regular updates to employees on challenges faced, business continuity plans and policy changes that protect and promote the welfare of their workforce.

For instance, company management may roll out learning and development topics that help employees transition between fluid working environments as the business continues to navigate changes in the market.

For commercial agents, this translates to communicating the understanding of tenants’ needs in every market situation and think of ways to care for the tenants’ employees and businesses.

To show heightened support, the presence of more senior staff in project teleconferences with clients can help increase engagement and connote the level of importance that the company places on its accounts.

Above all, better communication leads to reduced misunderstandings, stronger relationships, and higher levels of trust and value.

Staying on the curve The current new “normal” will soon change again. Companies should look beyond navigating to restart cycles and prepare themselves for a world where turbulence and regular shocks are a constant.

The importance of planning for more “worst-case” scenarios, risk diversification and inculcating a learning culture is the new modus operandi for enterprise resilience.

These could mean faster and more frequent upskilling of service personnel to impress upon clients that the brand is at the forefront of the latest innovations.

Creative marketing methods could be explored in residential marketing, such as lease-to-own schemes and financing partnerships to help facilitate the movement of inventory when the market is slow.

Sudden change forced upon an industry will alter the way consumers and businesses behave. The question is whether the lessons learnt will motivate industry players to reinvent themselves. Businesses that emerge stronger are those that turn lessons into operating models for the future.

Accelerated Decentralisation: A Relook at the Singapore Masterplan?

In 2019, the Urban Redevelopment Authority (URA) announced the decentralisation of Singapore’s Central Business District (CBD).

Regional and sub-regional centres may see accelerated development to improve the sustainability and autonomy of micro-market zones.

The crises in the first half of 2020 prompts a relook at key factors such as the planning of human density per square foot, and managing population movement between zones to mitigate health risks and load capacity on transport, lifestyle and logistics infrastructure.

Another challenge is to re-evaluate the sustainbility of initiatives such as agri-tech, urban logisitics, utilising underground space and urban farming, on top of ensuring that living spaces can support an ageing population.

Key Questions for Real Estate Leaders Do you have a roadmap to adequately address the broader context of automation and digitalisation as a part of your daily operations?

Have you assessed whether areas in your supply chain and processes have the buoyancy to copy with uncertainty and demand shocks?

Where and how do you prioritise platform investments in marketing, sales, customer service and the back office?

Do individuals, teams and departments proactively look beyond their functional concerns and constantly think of the overall big picture when fulfilling their daily duties?

Singapore View | 6

T H E R E A L E S TAT E C O M PA N Y A S A T E C H N O LO GY ENTERPRISE Real estate companies that have taken bold steps with technology are now faced with the question of when and how to make the next digital leap.

Industry incumbents who are still warming up to the idea of using the latest technology are faced with a harsh reality – their business is living on borrowed time and on the brink of transformation.

PropTech 2.0 It is clear during the events in recent months that the real estate industry is in the throes of the next stage of technological evolution.

There remain many areas for technology to bridge the gap between man and real estate. Real estate companies are increasingly being held to higher standards of business governance which impacts how well they perform in the market.

Rising consumer expectations and the need to manage business sustainability with socio-economic risks has added fuel to efforts in developing seamless technology solutions and holistic platforms where the needs of business, consumer, health and safety are met all at once.

Real estate business owners must realise that power lies in the hands of their clients and consumers. They need to rethink the use of technology to create user-centric experiences and organisational processes, rather than the other way around. Companies that are still unfamiliar with terms such as automation, UX/UI, big data, internet-of-things (IoT) and blockchain can consider hiring in-house expertise to help to navigate technology issues.

Emerging technologies such as blockchain and smart contracts adds to the possibility of more robust digital transactions.

The contactless economy has opened new opportunities for conversations around the legalising of digital ink signatures, a task that the Government Technology Agency (GovTech), Infocomm Media Development Authority (IMDA) and the Council of Estate Agencies (CEA) will have to look into.

In time, it is hoped that property transaction documents that have been conventionally signed and processed in hard copy can eventually be ported over to digital platforms with legal certainty, as the Singapore Government continues to review its laws in line with its vision towards a digital economy.

As changes are made to the Electronic Transactions Act, commercial transactions, including property deals, can be processed faster, more conveniently, and over a shorter timeframe, making the industry fully digital.

Supporting the development of better platforms experiences is hardware and infrastructure. Advances in computing power, storage capacity, and network connectivity will be the three parallels required to ensure optimal loading times, failsafe contingencies, and data accuracy.

7 | Singapore View

Headway into property technology (PropTech) since a decade ago remains in its infancy stages. Many PropTech providers continue to occupy niche segments in listing services, brokerages and smart home technology.

The combination of FinTech with PropTech to achieve better platform economics, digital accountabilities and deeper analytics are areas of opportunities that remain to be seen.

The growing need for better data, insights, and enhanced collaboration among real estate players for business sustainability will spur further initiatives in the creation of full-fledged PropTech products that facilitate better economics, legal accountabilities and transparency among all parties.

While strides in IoT and big data have not been huge in the property industry, real estate incumbents may gradually be required to bring big data companies to the fold or consider building in-house big data capabilities to remain competitive.

In construction and architecture for example, extrapolating 2D drawings into 3D models may still have its drawbacks when it comes to visualising underground components such as pipes and ducting. Digitised data combined with augmented visual reality can make underground infrastructure visible,

DATA IS THE NEW GOLD From appraisals to sophisticated forecasts, data analysis can speed up transactions with greater accuracy.

Managing Data Privacy Consumers are willing to pay premiums and share personal data in exchange for better service and value. The need for consumer intelligence and monitoring both physical and virtual human movements (e.g. SafeEntry) are blurring the lines between what is permissible or prohibited. The challenge for real estate companies is to manage data like technology companies, addressing flawed touchpoints quickly and focus on delivering sustainable and seamless user-centric experiences.

Responsible management of user data falls on real estate companies and government bodies.

Organisations that are inadequately prepared render themselves vulnerable to cyber-attacks and risk losing the trust of their clients, business partners and employees.

similar to a virtual 3D blueprint.

Recent crises highlight the need for real estate players to collaborate better in delivering service as well as across supply chain networks. Data-sharing encourages real estate professionals to collaborate better with greater accountability and deliver better value.

Cyber Security Threats that Sparked Public Scrutiny

20 20

In June, SingCERT warned the public of increasing phishing attempts by fake contact tracing apps.

Private web browser providers questioned on the tracking and retaining of users’ data.

20 19 The usernames and passwords of accounts related to MOH, MOE, Singapore Police Force, NUS and payment care details were sold on the dark web.

More than 800,000 blood donors’ information were accessed illegally, attributed to organisational/vendor negligence.

A computer error led to 7,700 people receiving inaccurate healthcare subsidies.

HIV data leak left 14,200 HIV-positive individuals exposed and vulnerable.

20 18 Personal information was stolen from more than 1.5 million SingHealth patients.

Information of 50 million Facebook users was harvested without consent (Facebook-Cambridge Analytica data scandal).

Going from experimentation to transformation

Experimenting with technology is easy.

Transformation is hard. Real estate businesses will struggle to change existing ways of working and scaling the best ideas. Often, digital transformation efforts fall short of goals as each company has its own unique set of challenges and opportunities.

The core purpose of technology is to be an enabler of convenience, regardless of its form and function. The question for real estate players is how to find the right technology and the right expertise to navigate their business.

Property businesses enabled by technology will benefit from data insights and be able to anticipate future trends, user market and behavioural patterns.

Real estate leaders can think ahead and consider attracting a hybrid talent pool that expands beyond the conventional real

estate expertise; investing in insights from sociologists, psychologists, and scientists to translate the right data into actionable insights that will continue to drive revenue.

Some processes can be fully-automated, while some still require human intellect to perform complex tasks or decision-making in unique scenarios.

Uncertainty is the new normal. The success of digital transformation hinges on new ways of thinking and culture throughout an organisation. By employing a range of expertise creatively to finetune methodologies and technology, real estate leaders can shorten the experimentation timeline and attain true transformation sooner. Ultimately, technology enablement will prepare them to meet future disruptions with organisational nimbleness and better enterprise.

Singapore View | 8

Informed, data-driven insights to help you make strategic real estate decisions

Valuation & Advisory Established in 1940, the Knight Frank professional valuation & advisory department is one of the largest in Singapore. The team is known for its competence, fairness, integrity and confidentiality in its appraisals; securing exclusive appointments and accumulating relevant experience in the valuation of all property types. These include residential, commercial (offices and retail shops), industrial, hotel, recreational and other specialised properties.

Our experienced and dedicated valuation team regularly appraises properties for mortgage, sale or purchase, public listing, financial reporting, rental reviews, litigation and statutory valuations. The team undertakes instructions to provide advice for rental valuations and statutory valuations involving property tax and land acquisition as well. In some of the cases, it has resulted in significant tax savings for clients.

REITs & IPOs Knight Frank secured exclusive appointments and valuation work for the majority of Real Estate Investment Trusts (REITs) in Singapore. The team won several first-time and repeated appointments to assess the full portfolio of properties in preparation of Initial Public Offerings (IPOs) and for corporate reporting purposes.

9 | Singapore View

Recent Appointments

Our Expertise Development Funding Valuation Site and Property Appraisal Litigation & Expert Witness Mortgage Appraisal Sale or Purchase Appraisal Asset Valuation Valuation Analysis & Commentary Mergers & Acquisitions Work Rental Valuation Property Tax Statutory Compulsory Acquisition Stamp Duty Valuation Land Premium Valuation Development Charge/ Differential Premium

Mapletree Investments Pte Ltd

Valuation offices, retail and logistics properties

Valuation Enquiries: Low Kin Hon Deputy Group Managing Director & Head, Valuation & Advisory

CDL Hospitality Trusts Valuation of five hotels and one retail mall

CEA Reg No. R056963E

kinhon.low@sg.knightfrank.com +65 9876 9136

More Information Far East Hospitality Trust Valuation of four serviced residences

THE

WEALTH REPORT

THE GLOBAL PERSPECTIVE ON PRIME PROPERTY & INVESTMENT 2020

14TH EDITION

V I S I T K N I G H T F R A N K . C O M / W E A LT H R E P O R T

ENGLISH

CHINESE

City Wellness in an Island Metropolis The Knight Frank Wealth Report 2020 ranks Singapore tenth in its inaugural City Wellbeing Index.

The index identifies cities that are increasingly focused on the quality of life they offer, so as to attract entrepreneurs and skilled employees from around the world, as well as to encourage companies to grow and succeed. Singapore was the only Asian metropolis featured (Exhibit 3) on a list filled by nine other nations that were predominantly European.

The City Wellbeing Index is derived from a detailed analysis of 40 leading urban centres, which takes a host of factors into consideration – personal security, lifestyle, healthcare, crime rates, work-life balance and access to green spaces (Exhibit 3).

Exhibit 3: The City Wellbeing Index CITY

C OUNTRY

REGION

FINAL RANK

Oslo

Norway

Europe

1

Zurich

Switzerland

Europe

2

Vienna

Austria

Europe

4

Stockholm

Sweden

Sydney

Australia

Europe

6

Australasia

7

Helsinki Madrid

Finland Spain

Amsterdam Netherlands

Europe

2

Europe

5

Europe

7

Montreal

Canada

North America

9

Singapore

Singapore

Asia

10

Source: Knight Frank Research, World Cities Forum, Current Results, Numbeo, TomTom, UN, UBS Global Wealth Management , Health Category of the Legatum Prosperity Index, Economist Intelligence Unit

The index was compiled using measures of the following eight categories: green space; annual hours of sunshine; crime; traffic congestion; happiness; quality of healthcare; worklife balance; and governance.

Together with insights from the World Cities Culture Forum, the percentage of public green spaces, parks and gardens in Singapore recorded a high of 47%, coming in second to the capital of Norway, Oslo, where 68% of public spaces in the city comprise parks and gardens (see Exhibit 4 on next page).

Singapore View | 12

How Singapore Fares in Wealth Rankings

Exhibit 4: Green Space Rankings How countries match up in spaces set aside for public green space, parks and gardens

When ranked globally on the top 10 locations of choice for ultra-high-net-worth individuals (UHNWIs) to live, invest and do business in, Singapore emerged sixth in the City Wealth Index (Exhibit 5) on a list of popular hotspots that includes New York, London, Paris, Hong Kong, Los Angeles, Chicago, Beijing, Madrid and Washington.

The island nation of Singapore has been cited by Asians and North Americans as one of the top 5 places they are most likely to invest in properties. The UK and US continue to be the top two spots for investment destinations of choice.

SINGAPORE

2

10

RANK

RANK

GREEN SPACE

% OF PUBLIC SPACE IN THE CITY COMPROSING OF PARKS & GARDENS

GREEN SPACE RANKING

How many Ultra-Rich individuals are there in Singapore?

• The UHNWI population in Singapore is set to grow by 29% by 2024. Singapore continues to see a steady rise in the number of billionaires in the country despite an overall decline of 1% in the global growth of billionaires from 2018 to 2019.

• Singapore registered a 10% growth rate in UHNWI individuals from 2018 to 2019, ranking 8th among the top 10 countries worldwide that saw the highest surge in UHNWI numbers. Asia witnessed the highest growth (13%) of UHNWIs in 2019 – a total of 103,000 individuals.

KNIGHT FRANK CITY WELLBEING INDEX 2020

Oslo

1

68%

Singapore

2

47%

Sydney

3

46%

Vienna

4

46%

Chengdu

5

42%

Zurich

6

41%

ShenZhen

7

41%

Helsinki

8

40%

Hong Kong

9

40%

Stockholm

10

40%

Read More Knight Frank The Wealth Report 2020

Sources: Knight Frank Research; World Cities Forum; Current Results, Numbeo; TomTom; the UN; UBS Global Wealth Management; Health Category of the Legatum Prosperity Index; and the Economist Intelligence Unit

Source: The Wealth Report 2020, Knight Frank Research

Exhibit 5:

Top 10 locations in the Knight Frank City Wealth Index

FINAL RANK

In Knight Frank’s City Wealth Index

INVESTMENT

WEALTH

LIFESTYLE

An assessment of the level and diversity of private investment in real estate in each city.

Wealth looks at the number of both HNWIs and UHNWIs in each city, using the new Wealth Sizing Model by Knight Frank.

Based on key luxury measures that encourage individuals to visit and reside in each city. These include luxury hotels and restaurants, quality and number of top universities and levels of connectivity.

LONDON 9

7

7

2

CHICAGO

WASHINGTON

6

29

6

9

5

2

16

2

1

PARIS

11

NEW YORK LOS ANGELES

5

1

1

1

3

3

4

3

2

BEIJING

MADRID 9

20

12

8

11

16

6

7

18

HONG KONG 4

SINGAPORE 7

Source: The Wealth Report 2020, Knight Frank Research

13 | Singapore View

19

10

5

12

5

4

Rise in Handbag Opulence An analysis of the Attitudes Survey in The Wealth Report 2020 revealed that properties form the largest percentage allocation in investment portfolios. However, data from the Art Market Research (AMR) shows a rising number of ultra-rich increasing their investment into objects of desire and collectibles.

The Knight Frank Luxury Investment Index (KFLII) tracks the performance of a basket of notable, collectable asset classes. The new category entrant of ‘Collectable Handbags’ topped the KFLII, rising in value by 13% between Q4 2018 and Q4 2019 to knock rare whisky off its prior number one position.

In 2017, Christie’s set the world record for the most expensive handbag sold when it successfully auctioned off a rare Hermès Himalaya Birkin with white gold and diamond hardware at an all-time record price that was the equivalent of US$386,000. The secondary market for luxury handbags continued to grow ever since, with pieces fetching dizzying sums on a regular basis.

As with other investments of passion like rare whisky, which has risen sharply in value in recent years, collectible luxury handbags have found a foothold as an investment class in their own right, alongside highly desirable luxury accessories.

The KFLII tracks items that are most sought after as collectibles and investments, using data from Art Market Research (AMR).

The ‘Collectable Handbags’ index focuses specifically on Hermès bags, which doubled in price value over a 10-year period (108% growth).

Exhibit 6: Knight Frank Luxury Investment Index (2009 to Q4 2019) LUXURY ASSET Handbags

A N N UA L % CHANGE 13%

1 0 -Y E A R CHANGE 108%

Stamps*

6%

64%

Rare Whisky

5%

564%

Art

5%

141%

Wa t c h e s

2%

Wine

1%

How much is your Hermès worth in 2020?

60%

120%

Furniture

0%

KFLII

-1%

141%

Coloured Diamonds

-1%

86%

Cars

-7%

194%

Jewellery

-7%

90%

-27%

Source: Compiled by Knight Frank Research using data from Art Market Research (art, coins, furniture, handbags, jewellery, stamps and watches), Fancy Colour Research Foundation (coloured diamonds), HAGI (cars), Rare Whisky 101 and Wine Owners *All data from Q4 2019, except stamps (Q4 2018).

13%

appreciation

for bags b o ught in 2018

x2

increase in value

for bags b o ught in 2009

The Essential Guide to Hermès Handbags The Wealth Report 2020

Singapore View | 14

Honouring Our Founding Fathers, Inspiring the Future.

The Founders’ Memorial is a tribute to Singapore’s first-generation founders, including the late Mr Lee Kuan Yew. Retracing the journey of Singapore’s founding fathers, the winning architecture of Founders’ Memorial by Kengo Kuma & Associates and K2LD Architects serves as a living monument that extends the legacy of the island nation for future generations. The concept was selected among five shortlisted designs out of an initial 193 submissions from both local and foreign firms.

Working off precepts set out by the City in a Garden plan, the sustainable garden architecture of Founders’ Memorial reflects Singapore’s constant development as a biophilic city. Utilising both external and internal spaces, the design of Founders’ Memorial aims to provide a multi-layered visitor experience that instills a sense of national pride and inspiration towards the future of nation-building.

The Knight Frank Singapore consultancy and advisory team was involved in: Baseline assessment and benchmarking to ascertain potential visitorship Scenario-planning to analyse potential risks Optimising revenue and cost-recovery based on demand-supply analysis, benchmarking, and understanding of the site’s strengths and opportunities Market positioning strategies for landmark attraction Knight Frank Retail curated a retail programme for Bay East Garden These solutions provided Gardens by the Bay and the National Heritage Board with clear understanding and realistic expectations of potential funding requirements, an optimal business model, and a sustainable retail programme that resonates with Singapore’s heritage while maintaining the dignified ambience of the Founders’ Memorial.

The Founders’ Memorial is scheduled to open in 2027 and will be served by the Founders’ Memorial MRT station along the Thomson-East Coast Line.

15 | Singapore View

Visit Foundersmemorial.sg All Images are Artist’s Impression

MILESTONES MARCH

2020 Kengo Kuma & Associates with K2LD Architects were selected as winners of the Founders’ Memorial International Architectural Design.

NOVEMBER TO DECEMBER

2019 An island-wide travelling showcase encouraged Singaporeans to choose their favourite design and be part of the Memorial’s making.

MAY

2019 Singaporeans who took part in previous engagements on the Founders’ Memorial were invited to view the five shortlisted conceptual designs and offer their views as potential visitors of the memorial. Public feedback was shared with the architectural teams to refine their design concepts for a final submission.

JANUARY

2019 International Architectural Design competition was launched to gather ideas for the landmark, totalling 193 submissions from local and foreign firms.

Knight Frank Consultancy Our consulting professionals bring rigour, attention to detail, and market intelligence to their creative solutions for individuals, private corporations and government agencies. Their advisory spans from project feasibility, risk assessment, market and consumer research, financial modelling, investment consulting to asset allocation.

OCTOBER

2018 A 5-hectare site at Bay East Garden was identified for the building of Founders’ Memorial.

AUGUST

2017 The Founders’ Memorial Steering Committee recommended Bay East Garden as the ideal site as it reflects Singapore’s journey as a nation.

JUNE

2015 to 2017 The Founders’ Memorial Committee was set up and carried out a series of public engagement workshops to gather public feedback on location, physical features, and visitor experience of a Founders’ Memorial.

Market Insights and Innovative Solutions: Consultancy Lynette Khoo Senior Manager, Consultancy lynette.khoo@sg.knightfrank.com +65 6228 7325

APRIL

2015 Prime Minister Mr Lee Hsien Loong made a Parliamentary Statement for a founders’ memorial to honour Singapore’s founding fathers.

Retail Ethan Hsu Head, Retail CEA Reg No. R055865Z ethan.hsu@sg.knightfrank.com +65 9336 3166 All Images are Artist’s Impressions

Singapore View | 16

REDUCING WORKPLACE C A PA C I T Y P O S TPA N D E M I C ?

BY CALVIN YEO

01.

02.

The Two Imperatives

Risk Overlay

Capacity Overlay

As much as the world looks toward normalcy post-pandemic, aspects of business will change, and corporates will be challenged to redefine the role and capacity of the workplace in balancing business continuity resilience and regaining productivity post-pandemic. In due process, corporates will face two imperatives in the form of risk and capacity overlays.

As the World Health Organisation warned that the coronavirus could become an endemic virus and stay even with a vaccine, many corporates are accentuating business continuity resilience post-pandemic where employee health and safety is driving a new normal in safe distancing and hygiene at the workplace, and in teleworking arrangements.

Other longer term risk mitigating overlays within the workplaces and buildings corporates occupy have started evolving around heightened symptomatic screening, contact tracing, fresh air circulation and purification in air-conditioning systems, cleansing, the use of contactless access control systems and non-porous antimicrobial surfaces for physical touchpoints.

As corporates plan to regain productivity, in addition to the disruption of pre-pandemic workplace productivity norms, corporates could experience up to a 50% to 60% reduction in headcount capacity as they reoccupy their workplaces with safe distancing. However, rather than occupy more space, many corporates are expecting to maintain reduced capacity postpandemic in a form suitable to their operations as they accentuate business continuity resilience and calibrate between employees working at the workplace, and those teleworking from home and/or satellite locations.

With increased employee mobility, corporates will move towards implementing teleworking technology and workplaces will be geared towards employees returning predominantly for interaction and meetings.

As a result of corporates ensuring employees are safe, engaged and productive wherever they may work from, the future of work would become more employee-centric and flexible than ever before with a choice of fecund working arrangements being a key attribute for attracting and retaining talents.

“ The workplace remains relevant

post-pandemic due to the innate need for people to meet and interact in person.

“

- Calvin Yeo Head, Corporate Real Estate But while the lockdown has accelerated the adoption of teleworking by both corporates and employees, the workplace remains relevant postpandemic due to the innate need for people to meet and interact in person. With employee mobility being the new normal, corporates are being challenged to redefine the role and capacity of the workplace in regaining productivity in the future of work.

17 | Singapore View

The Business Case for Reducing Workplace Capacity, Teleworking and Change Management While the business case for deploying savings from occupying less space towards teleworking technology and gearing up workplaces for interaction and meetings is logical, workplace strategy formulation alone without effective change management is detrimental because employees need to change the way they work.

In conclusion, the workplace will remain relevant post-pandemic but the challenge for corporates in successfully ensuring business continuity resilience and regaining productivity in the long term, lies in the level of acceptance to change by employees.

Navigating Tomorrow’s Workplace Performance with

You.

Corporate Real Estate We have seen over 80 years of workspace transformation, but one thing has not changed: The physical workplace embodies an organisation’s core values, providing a collaborative platform for its people to work towards desired business outcomes.

With the added variation of remote working enabled by technology, office space owners recognise the new dynamics of the merging virtual and physical workspaces. While the virtual component enables remote working, the physical component enables the nurturing of organisational collaboration and innovation; both of which are necessary for competing in the evolving business landscape.

Rent will no longer be a sole consideration by occupiers. Apart from efficient floor plates and a conducive workplace environment, having complementary communal amenities and scalability within a building is key to occupiers in navigating tomorrow’s workplace.

At Knight Frank, we understand the complexity and critical decisions you need to make, and help you make informed decisions with our industrial experience while listening to your business aspirations.

Our bespoke workspace consultation focuses on your people, balancing costs, business strategies, talent attraction and retention, while supporting your business strategies.

Let us be your partner in transforming your future workplace today.

Our Expertise Workplace Consulting Core and Flexible Office Leasing Fit-Out Project Management

Corporate Real Estate Enquiries: Calvin Yeo Head, Corporate Real Estate & Project Management CEA Reg No. R002952E

calvin.yeo@sg.knightfrank.com +65 9691 0549

More Information

Singapore View | 18

The Era of “New Retail”

BY ETHAN HSU

Crises became unexpected catalysts for retailers to jump onto the digital bandwagon to cope with the effects of market demand shocks.

Although retail indicators for the rest of the year will unlikely be positive, there are opportunities for retailers and mall owners to take advantage of the lull period to reassess their value propositions and restructure business strategies to stay ahead when market lockdowns are lifted in phases.

Physical transactions continued to account for the majority of retail sales from January to May 2020 (Exhibit 7), despite the circuit breaker earlier this year that encouraged online purchase behaviour. While online shopping offers convenience, physical shopping remains core to the quintessential retail experience for consumers.

Rules of the new playing field will change drastically – movement restrictions and social distancing will be the new norm, while businesses will need to offer omni-channel shopping platforms to engage customers better.

A matter of “do it now” and “do-it-fast.”

Retailers who have successfully deployed digital platforms will continue to enjoy substantial benefits in the long run.

Leveraging on analytics tools and big data will enable businesses to gain valuable insights on their customers, tracking consumer profiles, preferences, spending habits and other shopping behaviours to craft personalised shopping experiences. Geo-location data and analytics can help identify locations where customer traffic is most saturated at.

Retailers will gain a competitive edge in successfully incorporating both online and offline shopping experiences, demonstrating attentiveness to their customers’ preferences.

Enhanced staff training will ensure service consistency across the virtual and physical spaces.

A robust brand communications and public relations strategy will go a long way in building brand loyalty, as well as strengthen the underlying emotional bond with customers.

19 | Singapore View

Brick-and-Mortar Retail($ Million)

Online Retail ($ Million)

Online Retail Sales Proportion (%) 30.0%

4,500 4,000

25.0%

3,500 Number of Units

Physical Retail Shopping Still Preferred

Exhibit 7: Total Retail Sales vs Online Retail Sales

20.0%

3,000 2,500

15.0% 2,000 10.0%

1,500 1,000

5.0%

500 0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May 2019 2020

Source: Department of Statistics, Singapore. Based on available data as at 31 July 2020.

0.0%

Retail Digitainment

The New Online Experience The Retail Digitainment industry is worth more than S$20 billion* in China alone, and is expected to continue growing globally.

Digitainment is a mashup of digital and entertainment, referring to content created by live streamers to entertain audiences while promoting products.

Inspired by the Alibaba platform, pundits in China are now touting digitainment as the future of e-commerce. While the retail digitainment industry is most developed in China, more companies in Singapore are adopting live streaming platforms to market their products and drive brand loyalty. Some are hiring popular live stream celebrities or key opinion leaders, known as influencers, to gain immediate access to a large following of potential customers.

Charismatic live streaming hosts engage in witty banter, while audiences are invited to post comments and questions about the featured products or services. This portrays authenticity which is more likely to drive brand loyalty and motivate purchases.

With the growing popularity of retail digitainment, schools such as Nanyang Polytechnic’s Singapore Institute of Retail Studies (NYP-SIRS) and the Singapore Media Academy (SMA) offer a joint Professional Certificate in Digital Retail Entertainment. They are partnering with Alibaba-Taobao University to help local companies develop skillsets to leverage the expanding industry, such as big data analytics, product sales, marketing and live broadcasting. *As at October 2019

Digital Tools for Retailers Drag-and-drop online store builders (Shopify, Wix) Third-party online marketplaces with live streaming and online chat support (Shopee, Lazada) Contactless payments (SCash, WeChat Pay, PayNow, AliPay, GrabPay) Sales and automation platforms that enable analysis of shopping behaviours to personalise better experiences

Read about the Tekka Transformation on page 23

Shopee LIVE provides its retailers with live streaming features to increase engagement and sales revenue.

Tekka Online Market allows sellers to showcase and promote their fresh produce via live streaming; orders are often delivered within the same day.

Singapore SingaporeView View|| 20

A Shift in Landlord-Tenant Relationships The possibility of increased market disruptions will spur retailers and landlords to reassess traditional tenancy arrangements.

Retailers may downsize and repurpose physical shops as they automate and integrate online capabilities.

Landlords may have to reassess shop sizes that provide better space efficiency.

Shorter lease terms, flexible rent structures, or hybrid rent structures can help attract tenants and curate a desired trade mix that attracts shoppers.

The relationship between the landlord and tenant will transform to one akin to a partnership, as the landlord will be successful only if the tenant does well.

Food & Beverage (F&B) Businesses Singapore’s F&B industry is dominated by independent street stalls and kiosks, hawkers and small F&B businesses. DBS Asian Insights projected the industry to grow by a compounded annual growth rate of 2.1% by 2023.

Labour challenges and rising rental costs remain in a competitive environment. These top-of-the-mind concerns can be overcome by adopting technology and manpower-lean concepts to drive higher productivity levels.

Small businesses are using third-party delivery platforms such as GrabFood, FoodPanda and Deliveroo to cast a wider net beyond takeaways and diners, despite being charged between 20% to 40% in platform service commissions.

During the circuit breaker, enterprising businesses developed newfound modes of collaborations. Amongst the pioneers in circumventing operational restrictions on drinksonly establishments are popular bubble tea brand CHICHA San Chen and Japanese fried chicken restaurant Kemono. Both companies promoted products across each other’s customer database and platforms to ensure continued sales even with physical distancing restrictions.

Digitalisation is Not a Silver Bullet Retailers need to reassess their value propositions and understand the changing needs and wants of their customers. This will propel a more holistic and immersive customer experience that is sustainable across a compatible mix of online and offline channels.

Helping retailers to reframe their mindsets will be a key challenge where the reimagination of the retail landscape puts the customer at the epicentre of its whole value chain, perhaps even building the company’s entire ecosystem around it.

However, employing digital tools is not a surewin approach, as some retail experiences cannot be replaced entirely by virtual platforms.

Beyond Shopping The social and lifestyle aspects of shopping cannot be completely replaced with technology.

People desire to physically socialise or mingle in community spaces such as fitness centres, beauty salons, enrichment centres and many others.

Technology is useful in connecting people to a global marketplace, but e-commerce lacks the provision of a tactile experience. Some products can only be fully experienced through touch, sound, smell, or taste, all of which cannot be replicated in the virtual environment.

Thus, the roles of physical and online retail should offer complementary services across an integrated sales and marketing channel-mix, allowing the retailer to stay connected with customers across multiple touchpoints.

21 | Singapore View

Besides its Hillion$ rewards programme, Hillion Mall actively promotes its retail tenants on its Facebook page.

An enhanced shopping experience that incorporates the elements of social, lifestyle and purchase behaviours will add to footfall increase and recovery in consumer spending.

Retailers and landlords willing to look beyond the short to mid-term impact and adapt quickly with the times, will eventually ride out the storm together.

Report: Opportunities for the Retail Sector after COVID-19 Read at knightfrank.com.sg

Get the latest insights on Singapore’s Retail Market

Singapore’s First Integrated Development in the West Hillion Mall is the first mixed-use development in the West of Singapore. It integrates a retail mall, residences, bus interchange, and both MRT and LRT stations in Bukit Panjang.

The mall is the ideal family and active lifestyle hub, aiming to create a positive and memorable experience for everyone. Serving a well-curated mix of popular brands and fresh retail concepts, residents and shoppers can enjoy a wide range of shopping and dining options spread across four levels of Hillion Mall.

Residing at the heart of a transport hub, Hillion Mall provides direct access to Bukit Panjang MRT and LRT stations, bus interchange and is in close proximity to two major expressways; BKE and KJE. Atop Hillion Mall is Hillion Residences, which consists of 546 units of spacious and family-friendly units, ensuring a secure and steady stream of footfall to the mall.

The Hillion Mall Facebook page is actively engaging more than 20,000 followers with updates on the latest mall activities and store promotions.

To reward its shoppers, a loyalty program was launched in November 2018. The rewards system lets shoppers earn Hillion$ for their purchases and has since garnered more than 22,000 registered members.

A joint collaboration with MINDEF will extend exclusive lunch perks to SAF 11B holders that will attract more footfall to the Mall.

Mall Information Net Lettable Area approximately 175,000 sqft Tenant Mix comprises of fashion, beauty, health and wellness, education and lifestyle, services and F&Bs Connectivity Bukit Panjang MRT, Bukit Panjang LRT network, Bukit Panjang Bus Interchange, Bukit Timah Expressway (BKE) and Kranji Expressway (KJE) Developer Sim Lian JV (BP Retail) Pte Ltd

Leasing & Asset Management Enquiries: Elaine Wong Centre Manager CEA Reg No. R059471J

elaine.wong@hillionmall.com.sg +65 6468 7155 Renee Kwang Director, Asset Management CEA Reg No. R027851G

SAF11B Benefits; Promotions for National Servicemen and SAF personnel.

renee.kwang@kfpam.com.sg +65 6848 5611

nostalgia

A history of , culture, and changing with the times Comprising of 10 subzones, the Rochor area sits at the cross junction of the suburban Newton and Kallang estates with Downtown Core and the Museum Planning Area to the south.

The historic area is characterised by its cultural clusters that are popular pit stops along the tourist circuit – Kampong Glam, Bugis, Little India, Sungei Road and Victoria Street. The heritage landmarks and architecture that stand today sideby-side with towering skyscrapers and shopping malls, encapsulates the journey of Singapore from a backwater country to its present day status as a first-world nation.

Modern-day Rochor still lives up to its reputation for being a melting pot of ethnicities and the convergence of tradecraft, arts, entertainment and business. The area serves as the main entry point to one of the famous heritage zones of Singapore – Little India.

Tekka Transformation The opening of the integrated development, Tekka Place, is set to change the landscape of the greater Rochor area, while the launch of Tekka Online Market shows how traditional grocers and fresh produce stallholders are adding new dimensions to the conventional marketing experience with technology.

Little India Little India of the past was dotted with lime pits, brick kilns and even a racetrack. What was once a neighbourhood thronged with herdsmen, merchants and garland makers is now a tantalising blend of old and new.

Traditional establishments still continue to operate throughout its dazzling network of streets and cul de sacs; preserving the rich, cultural experience that has made Little India endearing to both locals and tourists alike.

Mosques, churches and temples dot the streets of Little India, offering visitors a glimpse into the ethnic and religious diversity of Singapore.

Popular landmarks include Leong San See Temple, Abdul Gafoor Mosque, The Church of the True Light and Sri Vadapathira Kaliamman Temple.

Gold jewellers continue to populate the district along with the scents of incense and garlands.

Visitors can see stores displaying the colourful sari – traditional Indian women’s garments – and ornamental decorations, or promoting the unique art of parrot fortune-telling alongside intricate henna tattoo services.

Teh tarik, keema, tandoori, chapathi, sweets and other traditional Indian food are tantalising treats to whet one’s heritage appetite.

23 | Singapore View

Perhaps the most iconic landmark in Rochor was the multi-coloured HDB flats of Rochor Centre. Apart from being a popular photoshoot location, the HDB blocks were uniquely built in a “podium-and-tower” style. The development was demolished in 2017, replaced by the upcoming North-South Corridor (NSC) slated for completion in 2026.

Continued on the following page

Tekka Online Market The Tekka wet market within Tekka Centre witnessed a transformation earlier this year when it went online during the circuit breaker. Hawkers live streamed their goods, auctioning fresh produce such as vegetables and seafood to enthusiastic bidders, followed by delivering the bidded goods to the doorsteps of customers’ homes.

TEKKA PLACE, D08 2 SERANGOON ROAD, SINGAPORE 218227

The Gateway to an Eclectic Experience Artist’s Impression

The redevelopment of 2 Serangoon Road commenced in mid-2017 and was completed end-2019. Since opening in March 2020 under a new name - Tekka Place - this strategic icon in Little India has created a new statement with its rejuvenated architecture and interior design.

The mall has enhanced its trade-mix with popular concepts such as Starbucks, Ya Kun, Guardian Pharmacy and NTUC Fairprice anchoring the main block while Xin Tekka, a new 10,000 square feet food hall concept by veteran restauranteur Andrew Tan, will anchor the annex block.

Tekka Place is an integrated hospitality-andretail development with a net lettable area of approximately 70,000 square feet spread across

two blocks that also houses a 320-unit serviced residence Citadines@Rochor. The development is well-served by all the major expressways and three MRT stations – Rochor MRT station, Little India MRT Station and Jalan Besar MRT station.

Embracing the rich culture and heritage of one of Singapore’s most vibrant precincts, visitors will be able to enjoy exhibitions and cultural performances at the roof top of the annex block while shopping or dining at Tekka Place.

Leasing Enquiries: Sara Ching Director, Retail CEA Reg No. R041084I sara.ching@sg.knightfrank.com +65 9003 8066 Joshua Loh Assistant Manager, Retail CEA Reg No. R062368J joshua.loh@sg.knightfrank.com +65 9179 5700

More information at tekkaplace.sg Singapore View | 24

Commercial Retail Leasing

Artist’s Impression

LE QUEST 461B Bukit Batok West Ave 8 Singapore 652461, D23 For Lease Revitalise the way you live

Le Quest is a mixed-use development comprising of five blocks of 516 residential units with a retail podium at Level 1.

It is conceived to create an exquisite balance between space, nature and the convenience of downtown living.

When completed, the mall will provide 55,000 square feet of dining, lifestyle and convenience options, anchored by FairPrice Finest, Wisdom Star and Koufu.

The mall targets to start serving the residents in 2H 2020, with free shuttle bus services to Bukit Batok MRT station.

Irene Siah (CEA Reg No: R045649J) +65 9768 6812 irene.siah@sg.knightfrank.com 25 | Singapore View

Joshua Loh (CEA Reg No: R062368J) +65 9179 5700 joshua.loh@sg.knightfrank.com

Commercial Retail Leasing

Artist’s Impression

CHANGE ALLEY MALL

(Former Chevron House) 30 Raffles Place Singapore 048622, D01 Change Alley Mall is located in the heart of the Central Business District (CBD).

Change Alley Mall is a reinvention of the past and construction of the new, with the use of modern materials and exquisite craftsmanship. Exuding the charm of a French shopping arcade, one gets a sense of wonderment as they transverse through the passage of ornate arches, columns and elegant

shopfronts. The commercial development comprises of a retail podium, ranging from food & beverage outlets to retail trades and office spaces. Transiting from an outdoor cityscape to semi-indoor streetscape, the stimulated skylight at the through-block link illuminates the arcade and creates a pleasant environment. The mall will serve as a place of comfort and relaxation for the working community, before and after work.

Change Alley Mall is directly connected via underground access to Raffles Place MRT Station.

Irene Siah (CEA Reg No: R045649J) +65 9768 6812 irene.siah@sg.knightfrank.com

Joshua Loh (CEA Reg No: R062368J) +65 9179 5700 joshua.loh@sg.knightfrank.com Singapore View | 26

Commercial Retail Leasing

Artist’s Impression

GR.iD 1 Selegie Road Singapore 188306, D07

GR.iD, formerly known as POMO, is currently undergoing the Asset Enhancement Initiative (AEI).

Located along Selegie Road, it is conveniently located and accessible from 4 MRT Lines: North-South Line, North-East Line, Circle Line and Downtown Line, and is within walking distance of 5-7 min from 3 MRT Stations – Dhoby Ghaut, Bencoolen and Bras Basah.

The mall will open in Q4 2020/Q1 2021 with approximately 50 shops.

Irene Siah (CEA Reg No: R045649J) +65 9768 6812 irene.siah@sg.knightfrank.com 27 | Singapore View

Lin Huitian (CEA Reg No: R060291H) +65 9658 2983 huitian.lin@sg.knightfrank.com

Commercial Retail Leasing

Artist’s Impression

NTP+ 151 Lorong Chuan Singapore 556741, D19

NTP+, derived from the acronym for New Tech Park, is currently undergoing enhancement initiatives which will be transformed with added F&B and lifestyle offerings in the Lorong Chuan neighbourhood. Accessible from the Circle Line and Central Expressway (CTE), NTP+ is one station away from Serangoon, Bishan and Lorong Chuan MRT Stations.

The development will also include dedicated parking spaces for food delivery platforms to do fast pick-ups.

It is estimated to be completed by Q1 2021 with approximately 25 shops.

Lin Huitian (CEA Reg No: R060291H) +65 9658 2983 huitian.lin@sg.knightfrank.com

Sara Ching (CEA Reg No: R041084I) +65 9003 8066 sara.ching@sg.knightfrank.com Singapore View | 28

Commercial Retail Leasing

Artist’s Impression

NORTHSHORE PLAZA Plaza 1 | 407 Northshore Drive Singapore 820407 Plaza 2 | 418 Northshore Drive Singapore 820418 D19

The 140,000 square feet Northshore Plaza connects residents to a world of convenience and lifestyle

possibilities. It integrates seamlessly into the Punggol estate, Common Green and the Punggol Waterfront.

With a variety of community spaces amidst the waterfront and lush greenery, Northshore Plaza will be the hub for gatherings and community events. Residents will enjoy a plethora of lifestyle options that include supermarkets, food courts, cafes, enrichment centres, and a childcare centre.

It will open in 1H 2021 with approximately 100 shops and is connected by Samudera LRT Station.

Sara Ching (CEA Reg No: R041084I) +65 9003 8066 sara.ching@sg.knightfrank.com 29 | Singapore View

Lin Huitian (CEA Reg No: R060291H) +65 9658 2983 huitian.lin@sg.knightfrank.com

Steady Demand for New Private Homes in the East Region

BY LEONARD TAY

Tampines Planning Area Led New Sales Volume in Recent Years Exhibit 8A: Volume and Average Unit Prices of New Non-Landed Residential Units (excluding ECs) in the East Region by Planning Area New Sale Volume in Bedok

New Sale Volume in Pasir Ris

New Sale Volume in Tampines

Average Unit Prices (Bedok)

Average Unit Prices (Pasir Ris)

Average Unit Prices (Tampines)

900

$2,300

800

$2,100

700

$1,900 $1,700

Number of Units

600

$1,500 500

$1,300

400

$1,100

300

$900 $700

200

$500

100 0

Average Unit Prices (S$ psf)

For homebuyers, the East Region conjures idyllic images of recreation along the beaches of East Coast Park, Changi and Pasir Ris, of ample parks and connectors, the dotted array of shopping malls in the town centres of Bedok, Pasir Ris, Tampines and the unique crown Jewel at Changi Airport.

With wide-ranging activities and amenities in the area, it is no surprise that those who have grown up in the East typically prefer to continue living in the region when looking to move into a new home, settle down with family, or to retire.

The East Region comprises the six planning areas of Bedok, Changi, Changi Bay, Pasir Ris, Paya Lebar and Tampines, and actually does not include Marine Parade, which geographically falls under the Central Region. The overall sweet lifestyle and living package offered by the East is not only characterised by nature and man-made amenities, but also planned employment centres such as Tampines Regional Centre, Changi Business Park and the industrial estates of Kaki Bukit, Loyang, etc. Covering an estimated area of about 115 square kilometres (sq km) , the East Region is the second least populated region in Singapore, after the smallest populated region of the North.

Between 2015 and 2019, the number of residential homes in the East Region increased by approximately 6.8 per cent, from about 221,000 in 2015 to 236,000, in 2019 . Additionally, the increase in private residential properties (excluding Executive Condominiums (ECs)) was more pronounced at some 11.5 per cent during the same period, with the majority comprising non-landed homes in the residential estates of the Bedok, Pasir Ris and Tampines Planning Areas.

Demand for new homes in the East remained steady from 2019, to continue through to Q2 2020, despite restrictions on human and economic activity imposed during the circuit breaker.

Such resilient demand has led to a boost in prices for newly launched condominium units in Bedok, Pasir Ris and Tampines, testing the upper limits of private home prices there in the last five years. The Bedok Planning Area continues to command the best overall price premium per-square-foot, with average unit prices of new non-landed homes there growing an estimated 23 per cent between Q1 2015 and Q2 2020. The Pasir Ris and Tampines Planning Areas chalked up substantial increases of about 26 per cent and 19 per cent respectively, over the same period.

$300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2* 2017 2018 2019 2019 2015 2016

$100

Source: URA Realis, Knight Frank Research, *based on available caveats as at 23 June 2020

Exhibit 8B: Selected Private Residential Non-Landed Launches (excluding ECs) between 2018 and 2020 PROJECT NAME Bedok

Fivenine

S e a Pa v i l i o n Residences Residence Tw e n t y -Tw o Infini at East Coast Urban Tr e a s u r e s Te d g e

77 @ East Coast Ta m p i n e s

T h e Ta p e s t r y Tr e a s u r e a t Ta m p i n e s Pasir Ris

LAUNCH PERIOD

NO OF UNITS S O L D A S AT Q2 2020*

AV E R A G E UNIT PRICE (S$PSF)

AV E R A G E UNIT SIZES (SF)

Q1 2018

15

15

$1,513

1 ,1 0 3

Q2 2018

24

24

$1,761

809

Q1 2019

22

3

$ 1 ,6 24

1 ,0 8 4 910

Q3 2019

36

2

$1,902

Q4 2019

237

22

$1,953

651

Q1 2020

42

8

$ 1 ,6 0 3

970

Q1 2020

41

3

$ 1 , 74 0

592

Q1 2018

861

778

$1,373

754

Q1 2019

2203

1200

$1,347

778

Pa r c K o m o

Q2 2018

Casa Al Mare

Q3 2018

The Jovell

T O TA L N O .

OF UNITS IN PROJECT

Q3 2018

276

428 49

116

125 15

$1,513

$1,281

$1,598

772

672

659

Source: URA Realis, Knight Frank Research, *based on available caveats as at 23 June 2020

Singapore View | 30

Private Home Rents Stable in the East Region Jewel Changi Airport opened in April 2019.

A new Terminal 5 will be added in the next decade to enhance airport and retail experiences.

BY LEONARD TAY

31 | Singapore View

Exhibit 9: Median Rents of Non-Landed Private Residences (excluding ECs) in the East Region and its Planning Areas Overall East Region

Bedok Planning Area

Tampines Planning Area

Pasir Ris Planning Area

$3.50 $3.00

Unit Rents (S$PSF per month)

In the next decade and beyond, the construction of Terminal 5 at Changi Airport and development of Changi East Industrial Zone and Changi East Urban District is set to create new employment centres. Alongside the completion of the Thomson-East Coast Line and final phases of the Downtown Line by 2025, as well as the CrossIsland Line after 2031, the East Region will be more connected and integrated with the rest of Singapore in just above 10 years.

Future plans to improve lifestyle and housing will see the new 60-hectare (ha) Bayshore housing precinct creating around 12,500 new public and private homes, offering residents in waterfront projects with community spaces and facilities at their doorstep. New recreation spaces such as the HomeTeamNS Clubhouse at Bedok Reservoir Park, will also be developed.

However, the game changer has to be the relocation of Paya Lebar Airbase from 2030. Some 800-ha of land will be freed for the development of homes, offices, factories and recreational areas, with the development footprint estimated to be equivalent to 2.5 times the size of Bishan. Future connectivity will be enhanced with the potential for new transport corridors and direct routes into the East Region, spelling the promise of more living and working areas, and liberating height restrictions currently imposed on existing older buildings for the safe navigation of aircraft. It may also give rise to the proliferation of collective sale opportunities, when older properties, no longer shackled by low-rise plot ratios, are able to suddenly realise profound enhancement in land values, post-2030.

With these developments expected to bring about a transformation of the East Region, buyers of projects launched in 2019 and 2020, can look forward to better integrated community facilities, in a well-planned region that boasts a long recreational coastline and the airport. Potential future homebuyers can also consider the benefits that these changes and enhancements will bring in the next 10 years or more, when deciding on soon-to-be-launched projects in the East.

$2.50

$2.00 $1.50 $1.00

$0.50 $0.00

Q1

Q2 Q3 2015

Q4

Q1

Q2 Q3 2016

Q4

Q1

Q2 Q3 2017

Q4

Q1

Q2 Q3 2018

Q4

Q1

Q2 Q3 2019

Q4

Q1 Q2* 2019

Source: URA Realis, Knight Frank Research, * based on available data as at 23 Jun 2020

Exhibit 10: Selected Upcoming Launches in the East Region PROJECT NAME

STREET NAME

D E V E LO P E R

NO. OF UNITS

TENURE

Pa s i r R i s Central Residences

1 0 Pa s i r R i s Central

Allgreen Properties Ltd. and Kerry Properties Ltd

480

99-year Leasehold

Pa r c C e n t ra l Residences (EC)

Ta m p i n e s Avenue 10

Hoi Hup Realty Pte Ltd and Sunway Developments Pte Ltd

695

99-year Leasehold

Rymden 77

Lorong H Te l o k K u r a u

QHS Development Pte Ltd

31

Freehold

Source: URA Realis, Knight Frank Research

Luxury New Homes

Artist’s Impression

AMBER SKYE

8 Amber Road, D15 For Sale

The 22-storey, freehold condominium is masterfully crafted to mimic the sea’s endless waves, featuring a

series of wavy balconies that “streams” picturesquely among the clouds. Regally-spacious, the balcony is your perfect corner to curl up and gaze into the sky that stretches infinitely ahead of you.

Freehold Floor Area approx. 1,216 - 5,177 sq ft 2- to 6-Bedroom Apartments Total units 109 Developed by CS Amber Development Pte Ltd

Jonathan Ni (CEA Reg No: R040874G) +65 9005 0970 jonathan.ni@sg.knightfrank.com

Prices starting from S$2,435,000 (2 Bedrooms) Singapore View | 32

Luxury New Homes

Artist’s Impression

77 @ EAST COAST 77 Upper East Coast Road, D15 For Sale Immerse yourselves in the rich heritage of the East, where quaint shophouses dot the streets, and where

you are greeted with Peranakan cuisines and artisanal cafes. Green sanctuaries and scenic coastal walks at East Coast Park offer just the right respite from a day’s work.

Freehold Floor Area approx. 409 - 1,345 sq ft 1- to 4-Bedroom Apartments Total units 41 Developed by KDC (77) Development Pte Ltd, subsidiary of KTC Group

Jonathan Ni (CEA Reg No: R040874G) +65 9005 0970 jonathan.ni@sg.knightfrank.com 33 | Singapore View

Prices starting from S$733,000 (1 Bedroom)

Luxury New Homes

THE WOODLEIGH RESIDENCES 13, 15, 17, 19, 21, 23, 25, 27, 29, 31, 33 Bidadari Park Drive, D13 For Sale

A Japanese-inspired development that comes with a wide offering of unique

facilities, including a sunken courtyard and an onsen that overlooks the

lush Bidadari Park and Alkaff Lake.

99 year Leasehold Floor Area approx. 570 - 1,475 sq ft 2- to 4- Bedroom Apartments Total units 667 Developed by Kajima Development Pte Ltd & Singapore Press Holdings Ltd

Jonathan Ni (CEA Reg No: R040874G) +65 9005 0970 jonathan.ni@sg.knightfrank.com Prices starting from S$1,078,000 (2 Bedrooms)

Artist’s Impression

DAINTREE RESIDENCE Toh Tuck Road, D21 For Sale

Sleek and sculptural, the articulated façade

of Daintree Residence is reminiscent of the terrain of a quarry, creating a stunning

composition that is technically cutting-edge yet naturally elegant.

99 year Leasehold Floor Area approx. 517 - 1,539 sq ft 1- to 4- Bedroom Apartments Total units 327 Developed by Setia (Bukit Timah) Pte Ltd

Jonathan Ni (CEA Reg No: R040874G) +65 9005 0970 jonathan.ni@sg.knightfrank.com Artist’s Impression

Prices starting from S$930,720 (1 Bedroom)

Singapore View | 34

Luxury New Homes

MARINA ONE RESIDENCES 21 & 23 Marina Way, D01 For Sale

Marina One is an integrated development

that places you on the pulse of Singapore’s

vibrant Central Business District and beyond.

Comprising luxury residences, unique retail offerings and Grade-A offices, Marina One

is nestled amongst lush greenery and green parks.

99 year Leasehold Floor Area approx. 657 - 8,708 sq ft 1- to 4- Bedroom Apartments & Penthouses Total units 1,042 Developed by M+S Pte Ltd

Jonathan Ni (CEA Reg No: R040874G) +65 9005 0970 jonathan.ni@sg.knightfrank.com Artist’s Impression

Prices starting from S$1,778,040 (1 Bedroom)

SCOTTS SQUARE 8 Scotts Road, D09 For Sale

Scotts Square is the art of fine living. Soaring 43 storeys, its contemporary architecture adorned with world-renowned art pieces makes it one of the most prominent and

distinguished homes in downtown Orchard Road.

Freehold Floor Area approx. 624 sq ft onwards 1-Bedroom Apartments Total units 338 Developed by Wheelock Properties (Singapore) Limited

Jonathan Ni (CEA Reg No: R040874G) +65 9005 0970 jonathan.ni@sg.knightfrank.com Prices starting from S$2,059,019 (1 Bedroom) 35 | Singapore View

Luxury New Homes

M5 Jalan Mutiara, D10 For Sale

Cradled in the heart of the city, M5 is

surrounded by commercial hubs and hipster hotspots. Encircled by a dense transport

network, M5 is a few minutes’ drive to Orchard Road, Singapore’s premier shopping belt.

Freehold Floor Area approx. 441 - 1,001 sq ft 1- to 2-Bedroom Units & Penthouses Total units 33 Developed by TTH Development Pte Ltd (an Amara Group company)

Jonathan Ni (CEA Reg No: R040874G) +65 9005 0970 jonathan.ni@sg.knightfrank.com Artist’s Impression

Prices starting from S$1,034,000 (1 Bedroom)

10 EVELYN 10 Evelyn Road, D11 For Sale

A five-storey boutique residence, 10 Evelyn is located on Evelyn Road — a stone’s

throw away from the bustle of Orchard

Road, Novena and Bukit Timah, and within

reach of several top primary and secondary

schools, as well as some of Singapore’s best healthcare services.

Freehold Floor Area approx. 495 - 1,432 sq ft 1- to 2-Bedroom Apartments & 3-Bedroom Penthouses Total units 56 Developed by Creative Investments Pte Ltd (Amara Holdings)

Jonathan Ni (CEA Reg No: R040874G) +65 9005 0970 jonathan.ni@sg.knightfrank.com Artist’s Impression

Prices starting from S$1,257,120 (1 Bedroom) Singapore View | 36

Luxury New Homes

QUEENS PEAK

Dundee Road, D03 For Sale

Perfectly positioned in a highly sought-

after area due to its proximity to the city

and CBD, Queens Peak is one of the long-

awaited residential developments amongst homebuyers and property investors.

99 year Leasehold Floor Area approx. 431 - 4,768 sq ft 1 to 5-Bedroom Apartments & Penthouses Total units 736 Developed by HY Realty (Dundee) Pte Ltd Directly connected to Queenstown MRT station

Jonathan Ni (CEA Reg No: R040874G) +65 9005 0970 jonathan.ni@sg.knightfrank.com Artist’s Impression

Prices starting from S$1,442,100 (2 Bedrooms)

TWIN VEW 91, 93 West Coast Vale, D05 For Sale

Two modern, 36-storey towers in clean lines and generous use of glass fenestration rise

to form timeless and chic architecture by the river edge, amidst lush greenery.

99 year Leasehold Floor Area approx. 484 - 2,088 sq ft 1- to 4-Bedroom Apartments & Penthouses Total units 520 Developed by CSC Land Group (Singapore) Pte Ltd

Jonathan Ni (CEA Reg No: R040874G) +65 9005 0970 jonathan.ni@sg.knightfrank.com Artist’s Impression

37 | Singapore View

Prices starting from S$1,659,000 (3 Bedrooms + Study)

Research, Explore, Discover.

Knight Frank Singapore Research produces property reports for residential, commercial and niche markets

Quarterly Market Bulletins Read Now

Black, White & Beautiful Adapted from “Black & White, Our Homemade Heritage” by the Singapore Land Authority

Singapore’s Iconic Colonial houses

Black and White homes are named after their iconic exterior of timber beams and whitewashed walls. These preserved houses, sometimes decorated with striped, rolled-down blinds, have weathered through Singapore’s history since the pre-World War II era.

Commissioned during colonial times by British authorities, Black and White houses were once the domicile of high-ranking senior officials, utilised for military administration and built as boarding schools for the children of British soldiers. The list of inhabitants grew to include colonial mandarins, magistrates, magnates and towkays (local businessmen) in the early days of Singapore’s development.

The close association with the militia saw many Black and Whites built in proximity to sites of military and naval importance, such as Alexandra, Changi, Seletar and Sembawang. The houses are typically surrounded by comfortable expanses of land with nature at their doorstep, providing inhabitants with a sense of privacy and tranquility away from the bustling modern city.

Like the melting pot of Singapore, the unique architecture and craftsmanship of Black and Whites were influenced by multiple cultures.

Some refer to this as Tudorbethan Style, a design and construct that takes after traditional Victorian-styled homes, adapted with a tropical and art deco twist that reflects the local climate.

The distinctive stilts of Black and Whites are reminiscent of Malay practices during the kampung days, where homes are lifted off the ground to protect from elements of nature – dangerous insects, flash floods – and promote ventilation.

Today, these timeless gems are being preserved and refurbished for residential and commercial use, managed by the Singapore Land Authority (SLA). Many Black and Whites remain available for residential stay and enjoyment, hitting the spot for those seeking nostalgic and generously-sized homes. Lifestyle enclaves have given newfound appreciation for these distinctive pieces of heritage. Its lively tenants now include fine-dining establishments, cafes and “Instagrammable” retail spots for families.

Training centres for financial institutions and luxurious spa boutiques provide the experience of an idyllic resort oasis in the city.

The distinctive façade of Black and Whites has inspired the likes of modern-day developments such as 77@East Coast, designed with a similar flavour of grandeur and classic black and white characteristics (see page 33).

39 | Singapore View

Where are Black & White Bungalows located?

Source: “Black & White, Our Homemade Heritage” by Singapore Land Authority

Black and White Bungalows are available for 2-year lease via an open bidding system with the Singapore Land Authority (SLA).

Rental Enquiries: Peter Tan Director, Asset Management CEA Reg No. R043834D

peter.tan@kfpam.com.sg +65 6848 5711

David Mayo, Current tenant at 3A Hyderabad and past tenant at 6 Russell Road.

Source: “Black & White, Our Homemade Heritage” by Singapore Land Authority

“

“

The space and freedom you get from living in a Black and White is incredible. Whether it’s sunny, rainy or windy, it’s always possible for us to enjoy the outdoors, even without stepping out of the house. Having a home here has certainly helped us develop a deeper appreciation for Singapore. It makes me want to instil in my kids a sense of pride that they live in this great city.

There’s such a fascinating history steeped within these walls.

And I love having people discover the magic for themselves. In fact, we have curious folks hiking through the estate all the time, and I welcome them with open arms. I feel it’s important for others to be given a chance to enjoy these houses too. After all, I’m only a tenant here – this is not my house – I am merely its caretaker. I can’t be selfish about it.”

Singapore View | 40

Redefining hospitality in private residences Great service is taking care of the details. Knight Frank (Strata Management) offers proven synergy between the Management Corporation (MCST) and the residential front office, giving residents the personalised, impeccable service that is expected of private homes.

Sustainable Real Estate Solutions Intelligent Property Asset Management using Land & Building Data

For over 25 years, Knight Frank Property Asset Management (KFPAM) remains the trusted advisor for strata and asset management services.

Through process improvements, KFPAM deploys innovative, smart technologies and sustainable building management practices.

KFPAM is awarded bizSAFE level star and ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certified for the provision of property and facility management services as well as provision of shopping center management services.

Our Services Strata Management

Asset Management

Our Portfolio • Sentosa Cove • SLA Properties • Hillion Mall • Victory Centre

• Katong Regency • Lake Grande • The Waterside • Marina One

Property Asset Management & Property Concierge Enquiries: Eleana Teo Managing Director, Strata Management CEA Reg No. R021894H

eleana.teo@kfpam.com.sg +65 6848 5606

Knight Frank (Asset Management) is the appointed Estate Manager for Sentosa Cove.

Peter Seetoh Managing Director, Asset Management CEA Reg No. R027890H

41 | Singapore View

peter.seetoh@kfpam.com.sg +65 6848 5700

Overseas Properties Where are People investing?

BY NICHOLAS KEONG

11.1%

LONDON EdgeProp Survey 2019

9.2%

revealed that the top

6.1%

overseas property

BANGKOK

investment choices among Singapore investors are

PENANG

London (11.1%) Melbourne (9.8%) Bangkok (9.2%) Sydney (7.0%) Penang (6.1%)

7.0%

9.8%

SYDNEY MELBOURNE

Familiarity and capital potential remain key considerations when investing overseas Real estate is a hard asset, often gaining from the growth and development of economies and experiencing price appreciation during periods of high inflation. Rental income helps to lessen the impact of inflation as rental rates generally rise with the market.

Choosing the right location is crucial.

Melbourne and London are popular cities of choice among parents looking to send their children for overseas education. The cost benefits of owning an overseas property versus renting one are multiplied with low interest rates.

Parents familiar with local property laws and have lived overseas previously are likely to send their children to the same destinations.

UK home prices have declined due to political uncertainty and higher taxes on non-residents.

Prime properties in London continue to generate increased interest as expats consider returning home and possibly purchase a second property.

The expected rental yield of 3.5% to 5% in London makes it an enticing city for Singaporean investors to enter into as they weigh between lesser cash outlay versus the additional buyer stamp duty imposed when purchasing a second property in Singapore.

foreign visitors from pursuing their getaway as well.

Domestic travel will contribute to the local tourism hospitality industry. Indonesia’s projected growth of 58% in ultra-high-net-worth individuals (The Wealth Report 2020) over the next four years will drive domestic travel demand towards Bali’s quality living.

Hotels that began construction prior to the pandemic are on track to completion, such as the Citadines Berawa Beach Bali which is set to complete in Q3 2020. Its serviced residences and hotels will be well-prepared to receive the influx of travellers eager to soak in the holiday paradise that is Bali.

Travel and movement restrictions due to the pandemic have not deterred property investors. With immersive virtual viewing experiences enabled by technology, a Hong Kong buyer reportedly bidded for a £20 million townhouse in central London after a virtual tour. In Singapore, some 192 new sale caveats were lodged during the circuit breaker (based on available URA data as at June 23, 2020).

Citadines Berawa Beach Bali Type: 4-Star Serviced Residence Developer: Genesis Indojaya Tenure: 100-year leasehold (till 2117) Unit Types: Studio, 1-bedroom and 2-bedroom apartments

Investing in Leisure

As countries emerge from lockdowns and reopen borders, pent-up travel demand will be a key driver to tourism recovery. Popular holiday destinations with tourism and hospitality real estate will be a focus for property investors.

In Indonesia, for example, “Pay now, book later” promotions by Indonesia’s hotel operators indicate confidence in demand resumption. The country recovered quickly from SARS in 2003, where Bali saw its foreign visitors rebounded by 48% the following year, alongside occupancy rates and hotel supply. The volcanic eruptions from 2017 to 2019 appeared to have not impacted

Virtual Viewings and Blind Sales

Project Enquiries Yvonne Chen Manager, Residential (International Project Marketing) CEA Reg No. R003045J yvonne.chen@sg.knightfrank.com +65 9151 5185

Nicholas Keong Head, Residential (International Project Marketing) CEA Reg No. R048783C nicholas.keong@sg.knightfrank.com +65 9839 9361 Singapore View | 42

International Properties

ONE BISHOPSGATE PLAZA 150 Bishopsgate London, United Kingdom For Sale

One Bishopsgate Plaza offers no

compromise. A landmark tower located in

the true heart of the city, on a major transport hub, with access to the offices of global institutions right at your doorstep.

999 year Leasehold Built Up Area approx. 580 sq ft onwards 1- to 3-Bedrooms Apartments Estimated Completion Date Q3 2020 Developed by UOL Group Limited

Jay Ong (CEA Reg No: R059661F) +65 9011 0002 jay.ong@sg.knightfrank.com Guide Price from £1,300,000 onwards

Artist’s Impression

CADENCE COURT 4 Lewis Cubitt Walk, London, United Kingdom For Sale

Cadence is home to 103 spacious studio,

one-, two- and three-bedroom apartments

designed by Alison Brooks Architects, with

interiors by Conran and Partners. Within its

playful arches, there is space for every pace of life.

250 year Leasehold Built Up Area approx. 813 sq ft onwards Studio, 1- to 3-Bedroom Apartments Estimated Completion Date Q3 2022 Developed by Argent Related

Jay Ong (CEA Reg No: R059661F) +65 9011 0002 jay.ong@sg.knightfrank.com Artist’s Impression

43 | Singapore View

Guide Price from £770,000 onwards

International Properties

1 ASHLEY ROAD 1 Ashley Road London, United Kingdom For Sale

1 Ashley Road heralds a new centre for

Tottenham Hale, designed and delivered by the team behind the regeneration of King’s Cross.

Tottenham Hale is seeing £1 billion of

development investment; £30 million of

which into its transport interchange with a

new station and future plans for Crossrail 2.

999 year Leasehold Built Up Area approx. 524 sq ft onwards 1- to 3-Bedroom Apartments Estimated Completion Date Q2 2022 Developed by Argent Related

Jay Ong (CEA Reg No: R059661F) +65 9011 0002 jay.ong@sg.knightfrank.com

Artist’s Impression

Guide Price from £406,000 onwards

OXBOW Abbott Road, East India, E14, United Kingdom For Sale

Inspired by a bow-shaped bend in the river and the land embraced by it, Oxbow is an exciting place in East London. Home to

a vibrant generation seeking experience

and adventure, Oxbow is made of a unique location, heritage and creative spark.

150 year Leasehold Built Up Area approx. 420 sq ft onwards Studio 1- to 2-Bedrooms Apartments Estimated Completion Date Q3 2022 - Q2 2023 Developed by EcoWorld

Jay Ong (CEA Reg No: R059661F) +65 9011 0002 jay.ong@sg.knightfrank.com Artist’s Impression

Guide Price from £351,000 onwards

Singapore View | 44

International Properties

THE VERDEAN Joseph Avenue W3 6NL, London, United Kingdom For Sale

The Verdean offers nearly six acres of

reimagined landscaping, with 990 new

homes set over 24 floors. Connected by

seven stations, Acton’s West London location is highly sought after.

999 year Leasehold Built Up Area approx. 507 sq ft onwards Studio to 2-Bedroom Apartments Estimated Completion Date Q2 2024 Developed by Mount Anvil and Catalyst Homes Ltd

Jay Ong (CEA Reg No: R059661F) +65 9011 0002 jay.ong@sg.knightfrank.com Artist’s Impression

Guide Price from £527,500 onwards

ASPEN 50 Marsh Wall, E14, London, United Kingdom For Sale Aspen is the jewel in the crown of

Consort Place, a fresh destination with

cafés, bars, activity spaces, education, a health centre, restaurants and the international Dorsett hotel.

The residences are the cornerstone of a vibrant pocket neighbourhood, that

will be somewhere to meet, relax, work, study or just enjoy throughout the year and at any time of day.

999 year Leasehold Built Up Area approx. 424 sq ft onwards 1- to 3-Bedroom Apartments & Penthouse Estimated Completion Date Q4 2023 Developed by Far East Consortium

Yvonne Chen (CEA Reg No: R003045J) +65 9151 5185 yvonne.chen@sg.knightfrank.com Artist’s Impression

45 | Singapore View

Guide Price from £578,000 onwards

International Properties

THE BRENTFORD PROJECT Catherine Wheel Road, Brentford, TW8, London, United Kingdom For Sale

The Brentford Project includes approximately 14,000 sqm of new retail, leisure and

commercial opportunities, and a gym centre.

Retaining several heritage buildings and

thoroughfares, the project offers a sensitive and inspiring interplay of old and new that

injects new energy into a wonderful stretch of waterside London.

999 year Leasehold Built Up Area approx. 415 sq ft onwards Studio to 3-Bedroom Apartments Estimated Completion Date Q3 2022 to Q2 2023 Developed by Ballymore

Yvonne Chen (CEA Reg No: R003045J) +65 9151 5185 yvonne.chen@sg.knightfrank.com Guide Price from £380,000 onwards

Artist’s Impression

ONE BARANGAROO Sydney, Australia For Sale

Australia’s tallest tower will go where no

development has gone before, offering a

cloud breaking lifestyle 319 metres above the glittering Melbourne streetscape.

99 year Leasehold Built Up Area approx. 1,646 sq ft onwards 2- to 6-Bedroom Apartments Estimated Completion Date 2020 - 2021 Developed by Crown Resorts

Yvonne Chen (CEA Reg No: R003045J) +65 9151 5185 yvonne.chen@sg.knightfrank.com

Artist’s Impression

Guide Price from AU$9,500,000 onwards

Singapore View | 46

International Properties

THE XI

76 11th Avenue, West Chelsea, New York, United States For Sale

As the tallest buildings in West Chelsea, The XI offers sweeping Hudson River and skyline views, all in the cultural forefront of New York City.

Freehold Built Up Area approx. 871 sq ft onwards 1- to 4- Bedroom Apartments Completion Date Q1 2020 Developed by HFZ Capital

Nicholas Keong (CEA Reg No: R048783C) +65 9839 9361 nicholas.keong@sg.knightfrank.com Artist’s Impression

Guide Price from US$2,800,000 onwards

JERVOIS AND LAWERENCE 165-167 Jervois Road, Ponsonby, Auckland, New Zealand For Sale

Sitting on the crest of Herne Bay’s northern

slopes, Jervois & Lawrence offers a variety of living options within its 28 luxury apartments.

Elevated balcony apartments are flooded with views, light and warmth; magnificent

penthouse apartments offer a lifestyle that most can only only dream of.

Freehold Built Up Area approx. 1,001 sq ft onwards 1- to 3-Bedroom Apartments Estimated Completion Date Q4 2020 Developed by Synergy Development Group Ltd

Nicholas Keong (CEA Reg No: R048783C) +65 9839 9361 nicholas.keong@sg.knightfrank.com Artist’s Impression

47 | Singapore View

Guide Price from NZ$1,660,000 onwards

PROPERTY LISTINGS

COMMERCIAL Offices Buildings Retail Shophouses

Commercial Offices & Buildings

IOB BUILDING 64 Cecil Street, D01​ For Sale Prime CBD Redevelopment Opportunity​ IOB Building is a 6-storey office building with triple frontage, located at the junction of Cecil Street and Cross Street.

The development sits at the heart of Singapore’s core financial centre.

Land Area

Approx. 56,683 sq ft

Potential Gross Floor Area

Approx. 120,952 sq ft

Master Plan 2019 Potential for redevelopment

Lennon Koh (CEA Reg No: R022673H)​ +65 9748 7400 lennon.koh@sg.knightfrank.com 49 | Singapore View

Approx. 9,599 sq ft

Existing Gross Floor Area

Commercial with GPR 12.6 Residential with Commercial on 1st storey*

Karen Wan (CEA Reg No: R040821F)​ +65 9772 8042​ karen.wan@sg.knightfrank.com

*Subject to authorities’ approval.

Commercial Offices & Buildings

SINGAPORE SHOPPING CENTRE 190 Clemenceau Avenue, D09 11 Strata Commercial Units For Sale

These 11 strata retail units are located within Singapore Shopping Centre and along

Clemenceau Avenue, which is within 5 minutes’ walk from Dhoby Ghaut MRT Interchange station.

99 year Leasehold wef May 1948 Strata Area approx. 7,061 sq ft Sale with vacant possession

Choo Wei Siong (CEA Reg No: R053701F) +65 9781 9557 weisiong.choo@sg.knightfrank.com Ian Loh (CEA Reg No: R027865G)​ +65 8838 3288 ian.loh@sg.knightfrank.com

THE ADELPHI

1 Coleman Street, D06 Strata Office Unit For Sale For Sale

The subject property is a strata office located in The Adelphi, a 10-storey

commercial building located within walking distance to City Hall MRT Interchange station.

999 year Leasehold Strata Area approx. 4,209 sq ft Sale & Leaseback for 1 year

Choo Wei Siong (CEA Reg No: R053701F) +65 9781 9557 weisiong.choo@sg.knightfrank.com Ian Loh (CEA Reg No: R027865G)​ +65 8838 3288 ian.loh@sg.knightfrank.com

Singapore View | 50

Commercial Offices & Buildings

PAYA LEBAR SQUARE 60 Paya Lebar Road, D14 2 Adjoining Strata Office Units For Sale

The subject properties are strata offices located within Paya Lebar Square, a

commercial building with 10 floors of

commercial office space, and access to

amenities on the first three floors of retail space.

99 year Leasehold wef Jul 2011 Strata Area approx. 2,680 sq ft Sale with vacant possession

Mary Sai (CEA Reg No: R027878I)​ +65 9388 7879 mary.sai@sg.knightfrank.com​

GOLDHILL PLAZA 1 Goldhill Plaza, D11 2 Strata Commercial Units For Sale

The subject properties are strata

commercial units located within Goldhill Plaza, at the corner of Newton Road/ off Thomson Road.

999 year Leasehold Strata Area approx. 1,184 sq ft Sale with vacant possession

Choo Wei Siong (CEA Reg No: R053701F) +65 9781 9557 weisiong.choo@sg.knightfrank.com Ian Loh (CEA Reg No: R027865G)​ +65 8838 3288 ian.loh@sg.knightfrank.com​

51 | Singapore View

COMMERCIAL REAL ESTATE INSIGHTS

VISIT K NIGH TFR ANK .COM.S G

Commercial Retail Shophouses

Heritage Shophouses Joo Chiat Road

Known for its multi-cultural history and sumptuous delights tucked away in unassuming corners and conserved shophouses, the Joo Chiat area is more than its popular face of quaint vibes and photo-worthy spots. The transformation of the area paints an endearing story – from coconut plantations and traditional attaproofed kampung homes, to a once idyllic coastal retreat for the wealthy.

Within its streets are traces of Peranakan influences, grand dame churches styled after English parishes, one of Singapore’s oldest Indian temples, and the former hideout for secret societies. Transcending the history that unfolded prior to World War II, over 800 buildings in Joo Chiat have been carefully preserved till today.

Ann Siang Road

Before the streets of Ann Siang Road and Club Street were buzzing with nightlife, this row of restored shophouses used to be the traditional homes of clan associations and social clubs. Early Chinese immigrants would visit the area to remit money home to their families in China. These illiterate immigrants would seek the help of letter writers and calligraphers set up along the same stretch of Ann Siang Hill.

ANN SIANG ROAD Ann Siang Road, D01 3-Storey Intermediate Commercial Shophouse with Basement For Sale

The featured 3-storey shophouse sits

prominently near the junction of Ann Siang

Road and Ann Siang Hill, among businesses that provide visitors a taste of Peranakan culture, the vibrant nightlife, and themed boutique hotels.

999 year Leasehold Land Area approx. 1,367 sq ft Master Plan 2019 | Commercial within Telok Ayer Conservation Area

Mary Sai (CEA Reg No: R027878I)​ +65 9388 7879 mary.sai@sg.knightfrank.com​ Choo Wei Siong (CEA Reg No: R053701F) +65 9781 9557 weisiong.choo@sg.knightfrank.com

53 | Singapore View

Commercial Retail Shophouses

30 TO 46 JOO CHIAT PLACE Joo Chiat Place, D15​ For Sale 9 Adjoining Freehold Conservation Shophouses with Dual Frontage TThe freehold subject property is a row of 9 adjoining, 2-storey mixed-use shophouses located at the intersection of Joo Chiat Place and Tembeling Road.

Land Area

Approx. 13,996 sq ft

Gross Floor Artea

Approx. 22,213 sq ft

Master Plan 2019

Residential with Commercial on 1st storey, at GPR 3.0 within Joo Chiat Conservation Area

Potential for

Marvelle Wong (CEA Reg No: R055510C)​ +65 9753 5878 marvelle.wong@sg.knightfrank.com​

Intensification of GFA*

Mary Sai (CEA Reg No: R027878I)​ +65 9388 7879 mary.sai@sg.knightfrank.com​

*Subject to authorities’ approval.

Singapore View | 54

PROPERTY LISTINGS

PRIME RESIDENTIAL Good Class Bungalows Landed Homes Penthouses Condominiums

Good Class Bungalows

ASTRID HILL Astrid Hill, D10 For Sale

A charming, single storey Good Class Bungalow in a quiet enclave with absolute privacy and tranquillity. It is perched on a hilltop with magnificent views of the surrounding neighbourhood and nestled amongst lush greenery.

Freehold Land Area approx. 31, 358 sq ft Single-storey Good Class Bungalow

Linda Chern (CEA Reg No: R030706A) +65 8228 8836 linda.chern@sg.knightfrank.com

Guide Price from S$45,000,000 Singapore View | 56

Good Class Bungalows

CHANCERY LANE Chancery Lane, D11 For Sale

A Good Class Bungalow with 5 en suite bedrooms, living and dining rooms, dry and wet kitchens, a wine cellar, an entertainment room, a family area, gym, bomb shelter, a private lift, a garden with koi pond and a yard.

Freehold Land Area approx. 19,792 sq ft Built Up Area approx. 11,000 sq ft Good Class Bungalow

Linda Chern (CEA Reg No: R030706A) +65 8228 8836 linda.chern@sg.knightfrank.com 57 | Singapore View

Guide Price from S$43,000,000

Good Class Bungalows

YARWOOD AVENUE Yarwood Avenue, D21​ 2 Storey Good Class Bungalow For Sale A 2-storey Good Class Bungalow with

basement, 6 bedrooms, living and dining areas, wet and dry kitchens, a study area,

family area, gym/entertainment room, patio deck, maid’s room and a swimming pool.

The detached house sits on regular land and has ample parking space for 7 vehicles.

999 Years Leasehold​ Land Area approx. 16,163 sq ft

Linda Chern (CEA Reg No: R030706A) +65 8228 8836 linda.chern@sg.knightfrank.com Guide Price from S$ 20,800,000

BRANKSOME ROAD Branksome Road, D15 2.5 Storey Detached For Sale

A 2.5-storey detached home bulit on

elevated land with 4 en suite bedrooms

and ample parking space for 4 vehicles. A

quality home that is tastefully designed with materials, mostly handpicked fittings and floor tiles imported from Italy.

Freehold Land Area approx. 7,129 sq ft Built Up Area approx. 6,500 sq ft

Jonathan Ni (CEA Reg No: R040874G) +65 9005 0970 jonathan.ni@sg.knightfrank.com Guide Price from S$12,200,000

Singapore View | 58

Prime Residential

TANGLIN RESIDENCES St Martin’s Drive, D10 5-Bedroom Townhouse (Foreigners Eligible) For Sale

A rare 5-bedroom townhouse in good condition with lush greenery, two

private parking lots, 24-hour security and full condominium facilities.

Freehold Land Area approx. 4,930 sq ft

Linda Chern (CEA Reg No: R030706A) +65 8228 8836 linda.chern@sg.knightfrank.com Guide Price from S$8,000,000

HOOT KIAM ROAD Hoot Kiam Road, D10 For Sale (Owner Sale) A 2-storey, pre-war terrace house

conveniently situated along Hoot Kiam Road, off River Valley Road; it is right at the fringe

of Orchard Shopping Belt and within 200m from Great World City and the upcoming

Great World MRT station. Close proximity to River Valley Primary School, Alexandra

Primary School and Crescent Girls’ School.

Freehold Brisk walk to future MRT station Minutes to Great World City Outside Orchard Road shopping belt

Watch Video

Noelle Tan (CEA Reg No: R047713G) +65 9766 7797 noelle.tan@sg.knightfrank.com James Wong (CEA Reg No: R017407Z) +65 9113 3113 james.wong@sg.knightfrank.com Guide Price from View to offer 59 | Singapore View

Prime Residential

PENTHOUSE @ THE LADYHILL 1 Lady Hill Road, D10 For Sale (Receiver Sale)

A 2-storey penthouse with roof terrace within the boutique luxury condo developed by SC

Global; a design concept of SCDA Architects’ Chan Soo Khian.

Freehold Floor Area approx. 4,499 sq ft 3+1 Bedrooms – Modified from 5+1 Bedrooms Premium stack, Unblocked greenery view Near Stevens and Orchard Boulevard MRT stations

Watch Video

Tricia Tan (CEA Reg No: R021904I) +65 9387 9668 tricia.tan@sg.knightfrank.com Gwen Lim (CEA Reg No: R027862B) +65 9199 2377 gwen.lim@sg.knightfrank.com Guide Price from S$ 8,300,000

THE ORANGE GROVE

38 Orange Grove Road, D10 Level 12 unit For Sale (Mortgagee Sale) The 3-Bedroom, en suite duplex penthouse

with jacuzzi and roof terrace is within walking distance to Stevens MRT station. It is within

proximity to Gleneagles Medical Centre and

Singapore Botanic Gardens, as well as within

1km of Singapore Chinese Girls’ School and 2km of Anglo-Chinese School (Barker Road).

Freehold Floor Area approx. 3,907 sq ft TOP around 2010 North-South facing, Unblocked view Spacious living, dining and bedrooms

Watch Video

Gwen Lim (CEA Reg No: R027862B) +65 9199 2377 gwen.lim@sg.knightfrank.com Sharon Lee (CEA Reg No: R027845B) +65 9686 4449 sharon.lee@sg.knightfrank.com Guide Price from S$8,680,000 Singapore View | 60

Prime Residential

HELIOS RESIDENCES

15 Cairnhill Circle, D09 2 Penthouse Units For Sale (Mortgagee Sale) A 3-storey penthouse with lifts on each level, it has its own jacuzzi & roof terrace. It is within 1 km to Anglo-Chinese School (Junior) and just 10 minutes’ walk to Paragon. The property is a short drive to Somerset and Orchard MRT

stations and has a view of Marina Bay Sands MBS.

Freehold Unit 1 Floor Area approx. 4,629 sq ft Unit 2 Floor Area approx. 3,993 sq ft Prime Location Unblocked View

Watch Video

Gwen Lim (CEA Reg No: R027862B) +65 9199 2377 gwen.lim@sg.knightfrank.com Sharon Lee (CEA Reg No: R027845B) +65 9686 4449 sharon.lee@sg.knightfrank.com Guide Price per unit from S$7,050,000 onwards

GRANGE INFINITE 27 Grange Road, D09 For Sale (Owner Sale)

This 4-bedroom apartment with dry and wet kitchens and a yard is fitted with appliances from Gaggenau. Located in the heart of

Orchard, Grange Infinite is within walking

distance to popular malls like Ngee Ann City, Paragon and Takashimaya.

The development has a 50-metre Olympicsized pool on its premises.

Freehold Floor Area approx. 2,702 sq ft Comes with private lift Unblocked city views

Gwen Lim (CEA Reg No: R027862B) +65 9199 2377 gwen.lim@sg.knightfrank.com Sharon Lee (CEA Reg No: R027845B) +65 9686 4449 sharon.lee@sg.knightfrank.com Guide Price from S$5,656,000

61 | Singapore View

Prime Residential

ESTE VILLA

33C Nim Road, D28 For Sale (Mortgagee Sale) Located off Ang Mo Kio Avenue 5,

the development comprises 121 units.

Shuttle bus services are available, and it is in proximity to Ang Mo Kio Hub and Seletar Mall.

Freehold Floor Area approx. 3,411 sq ft TOP around 2014 North-South facing 5-Bedrooms, 2 parking lots & lift Full condo facilities

Lock Sau Lai (CEA Reg No: R002919C) +65 9181 1819 saulai.lock@sg.knightfrank.com Teddy Ng (CEA Reg No: R006630G) +65 9030 4603 teddy.ng@sg.knightfrank.com Guide Price from S$2,350,000

RITZ @ FARRER 142 Race Course Road, D08 Level 4 Unit For Sale (Mortgagee Sale) This 3-bedroom apartment is within minutes’

walk to Farrer Park MRT station, Mustafa Centre

and City Square Mall, amongst others. It is about 15 minutes’ drive to the Orchard, Newton and Novena areas.

Freehold Floor Area approx. 797 sq ft TOP around 2016 No afternoon Sun Good Condition

Watch Video

Lock Sau Lai (CEA Reg No: R002919C) +65 9181 1819 saulai.lock@sg.knightfrank.com Guide Price from S$1,200,000

Artist’s Impression

Singapore View | 62

References & Acknowledgements CNA (2020), SingCERT warns of fake COVID-19 contact tracing apps containing malware.Viewed on 12 June 2020.

DBS Asian Insights (2019), Singapore Downstream F&B: Mass-market F&B set to sizzle.

EngageRocket (2020), People Continuity Survey.

HRM Asia (2019), Why you need to know about the retail digitainment industry. Viewed on 26 May 2020.

Knight Frank Singapore (2020), Bali’s Hospitality Properties to Remain Resilient Following COVID-19 Recovery. Viewed on 28 May 2020.

Knight Frank Singapore (2020), Opportunities for the Retail Sector Post COVID-19. Viewed on 8 May 2020.

Knight Frank Singapore (2020), Reducing Workplace Capacity Post-Pandemic? Viewed on 24 June 2020.

Shopee LIVE (2020) Tekka Online Market (2020) The Business Times (2020), Offerings Beckons in Singapore’s 5 Regions. Viewed on 9 July 2020.

Council for Estate Agencies (CEA) Department of Statistics (DOS) Enterprise Singapore Government Technology Agency Infocomm Media Development Authority (IMDA) National Heritage Board (NHB) Singapore Land Authority (SLA) Urban Redevelopment Authority (URA)

Graphics Argent Related Ballymore Catalyst Homes Ltd City Developments Ltd Creative Investments Pte Ltd (Amara Holdings) Corwin Holding Pte Ltd (Lum Chang Holdings-LaSelle Investment Management JV) Crown Resorts CS Amber Development Pte Ltd CSC Land Group (Singapore) Pte Ltd EcoWorld Far East Consortium Gaw Capital Asset Management (SG) Pte Ltd Kajima Development Pte Ltd & Singapore Press Holdings Ltd HFZ Capital Housing Development Board HY Realty (Dundee) Pte Ltd KDC (77) Development Pte Ltd KTC Development

Publications Singapore View is part of a series of publications and reports published by Knight Frank

63 | Singapore View

Lum Chang Holdings M+S Pte Ltd Mount Anvil National Heritage Board (NHB) Oxley Beryl Pte Ltd PT. GIJ Property Indo (Genesis Indojaya) Qingjian Realty (BBR) Pte Ltd Sabana Real Estate Management Pte Ltd Sentosa Cove Setia (Bukit Timah) Pte Ltd Shopee LIVE Shutterstock Sim Lian JV (BP Retail) Pte Ltd Siriti Pte Ltd Synergy Development Group Ltd Tekka Online Market TTH Development Pte Ltd UOL Group Limited Wheelock Properties (Singapore) Limited

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65 | Singapore View

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